money transfer to Wrong account number
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Money deposited in the wrong account number can create a lot of trouble for you, so make sure whenever you are making a payment or doing a transfer, you check the account details correctly.
Have you ever wonder what will happen if you deposit the money in the wrong account number?
Do you think you will get the amount back? Does the Bank has the power to get the transaction reverse? An inaccurate transaction can drive you from pillar to post.
So be alert when depositing/transferring the money to someone.
The most important thing to understand when is that if a transaction has taken place, the bank cannot return it without the approval of the beneficiary whenever you transfer the amount in the wrong bank account number. The bank can only act as a facilitator.
There is no mandatory rule by the RBI, it is the responsibility of the sender to provide the correct account number and other details when making a payment so to make sure you did not transfer the money in the wrong account number. The responsibility of the teller is to check the number twice and thrice.
Reasons for the wrong money transaction taking place
1. Due to typing error(putting wrong account number)
2. Human error can be made if there is a discrepancy in the account number, IFSC Code or both,
3. Technical error from the bank's side
Here are the few steps which you can do if you transferred or deposited the amount in the wrong bank account.
- Contact branch or Branch Manager as soon as possible
- If the account number you have provided is wrong then you will get the amount to refund in your account but if the account number is correct, you have to take immediate action.
- You will need to prove to the bank in the details that you transferred the money to the beneficiary's account.
- If this money has been deposited in the account of an invalid beneficiary in the name of your intended beneficiary, in this case, you will have to prove that the transaction itself was wrong before helping the bank. But it's not that easy.
- The bank can act as a facilitator only by providing the unidentified beneficiary's contact number/branch name.
- In the event of an inter-bank transfer, the bank may approach the recipient on your behalf and request a change of transaction. If the beneficiary agrees, the transaction will change within a week.
- If the beneficiary is from another bank and you have mistakenly transferred the money, you will have to personally visit the specific branch and meet the bank manager to get the solution.
what to do after you deposited/transferred money in the wrong bank account number, If the Beneficiary refuses to return the amount, in that case, you can follow these steps
- You cannot withdraw money without the consent of the beneficiary. The beneficiary has to admit that the wrong transaction has taken place, it sounds easy but it is not that easy.
- In this case, update the same to the Bank
- You can mail the exact situation the bank to keep the record with you
- You can do the legal action against the beneficiary if he/she refuses to give your money back. This situation will become more complicated when the beneficiary is from a different state/city or having an account in a different bank.
- It includes too many legal formalities like lawyer's fees and it is time-consuming as well.
- It hardly takes 8-10 working days to get reflected the amount in your account if the beneficiary agrees to give back you the money.
You can follow some steps if you are depositing /transferring or making payment online
- Make sure you are providing a correct account number, IFSC Code.
- Always transfer a small amount. Like Rs 100, just to confirm that the money has been transferred to the correct beneficiary.
- Try to complain to the concerned bank immediately for a wrong transaction and respond to the bank as soon as possible. In the end, this is the hard-earned money, so be careful when you make a transfer.
Conclusion
So every time you are making any transaction or anything, make sure, you have checked all the necessary points so that you don't end up transferring money in the wrong bank account
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